Seven independent directors of 23andMe have resigned, rejecting CEO Anne Wojcicki’s efforts to take the company private. The resigning members include high-profile investors like Roelof Botha of Sequoia Capital and Patrick Chung of xFund. This significant board shakeup follows 23andMe’s initial public offering in 2021, when the company went public through a special-purpose acquisition company (SPAC) backed by Richard Branson’s Virgin Group, valued at $3.1 billion.
Since then, 23andMe’s stock has plummeted by over 95%, leading to ongoing strategic disagreements. The board stated that it’s “in the best interests of the company’s shareholders that we resign,” citing a difference in vision. Wojcicki had previously made an offer to take the company private, which was rejected due to the lack of a share price premium. Despite the board’s exit, she still believes that going private is crucial for the company’s long-term success.
Anne Wojcicki, co-founder of 23andMe and sister of former YouTube CEO Susan Wojcicki, is now the sole surviving member of the board. She has expressed surprise and disappointment over the resignations but remains committed to pursuing her vision for the company’s future.
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